Wells Fargo Says Its Flood Insurance Policies Are Legal

Law360, San Francisco (January 24, 2013, 7:39 PM EST) -- Wells Fargo Bank NA urged a California federal judge Thursday to dismiss a class action alleging it demanded excess hazard and flood insurance for homeowners with Wells Fargo mortgages in order to pocket higher commissions, arguing that it's legally allowed to impose such policies.

The bank told U.S. District Judge William Alsup that it should be excused from the case, brought by Arkansas homeowners Danny and Beverly Lane, because their mortgage contract informed them Wells Fargo would impose flood and hazard insurance if the Lanes didn't...
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